CNX-NIFTY
Open—26261.25—High—26310.45---Low---25141.90--Close---26215.55 on 27.11.2025
Support:26104.20/26097.85/25856.70/25740.80/25718.20/25669.35/25548.70/25448.35/25318.45/24255.30/25153.65/25079.80/25008.20/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:26246.65/26277.35/26310.45/26328/26405/26492/26590/26842/26995/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a positive note and thereafter had both side moves during the day and in the process hit a new all-time high of 26310.45 after 14 months and finally, ended the day with a meager gain of 10.25 points after three days of fall. But it is important to mention here that it still has earlier unfilled gaps (gap points on downside are 25715.80,25365.15, 24164, 22923, 22468 & 22254) also on the downside/upside, which is still a huge concern, although stipulated time for filling the gap is over long ago, but it will fill the gap one day for sure. So, be cautious. Please note that it is often exhibiting volatility, this is not a good sign for a steady market.
The technical setup looks good for the continuation of the up-move, but the volatility is concerning. However please note that moving down its key support points are at 26200.12---26176.01----26104.20----26076.34---26003.19---25961---25903.88----25869----25844.83---- (figures may change) and if it holds these points on the closing basis then the chances of extending the up-move may be alive. But break & sustained close below the range of 26154.50---26127.27----26104.20 will trigger correction again, break & sustained close below the range of 26076.34---26003.19may deepen correction, break & sustained close below the range of 25961---25903.88----25869----25844.83 may trigger fresh fall and will push it into deep correction mode and then it may witness an accelerated fall.
Moving up the key resistance points could be at 26246.65----26277.35—26328—26405---26492 (some figures may change daily or at some point of time) it may correct at any of these points and then may resume the up-move again or may halt the up-move for a while. It is in the strong long-term uptrend.
INVERSE HEAD & SHOULDER PATTERN
VISIBLE:- It is above its neckline of 26104.20 and
if it sustains above it on the closing basis then the maximum upside target
could be in the range of 26800-26900 but the up-move can halt or retreat
earlier also. Similarly sustained close below 26104.20 & then below 25718.20
will be a sign of pattern failure.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important
technical indicators are positive now MACD,PS,EV,ST & ADX are in the buy
mode, so it can rally up at times.
2. It is above all
its long terms moving average on the daily chart and the top average is placed
at 25163(figure will change daily) for the day.
4. It is above all
its medium-term moving averages on the daily, weekly & monthly chart.
NEGATIVE POINTS:-
1. Few important
indicators such as VM is in the sell mode and it is in the overbought zone and
RSI with negative divergence, so down move may happen at times.
In view of the
above there
is a possibility that it can swing both ways at time but with a tilt towards upside
as of now. But please
note that earlier vertical rise, unfilled gaps, negative divergence and in the
overbought zone on weekly & monthly chart is still a concern, therefore fall
cannot be ruled out in the coming days. Please keep an eye on the critical
resistance & support points and price action for further directional
indication.
TECHNICAL
INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-
WEEKLY CHART: - Almost all-important technical indicators are positive MACD, EV, ST, ADX& PS is in the buy mode but RSI is with negative divergence and VM is in the sell mode, and it is in the overbought zone, therefore it may witness corrective down move at times and it may extend also.
MONTHLY CHART: -Few indicators are in buy mode such as PS & ADX, but key indicator such as MACD, VM & ST is in the sell mode, it is in the overbought zone and with negative divergence in RSI. Therefore, all together indicators are painting a mixed picture now with strong tilt towards down-side as of now; therefore, further fall in the coming months cannot be ruled out.
IT
IS BUY ON DECLINE MARKET NOW;-
It is
buy on decline market till it holds25869,
on the closing basis.
But short
trade can also be tried on the reasonable or sharp rise
near critical resistance points or range or on the price breakdown with strict
stop losses, for
intraday corrective gains. Please note that today it slipped into the
correction mode but it is not alarming now; therefore be alert & cautious
in the long trade at this point of time.
STRENGTH:-
1. It is above its major long-term
rising trend line which is placed at 25107 for the month of November-2025; it could be an important & strong support point.
2. It is above its most critical
points of 23637.65 &
23644.80, please note that it must stay above these points to keep up the up
momentum going in the year 2025, else
it will start to drift down.
3. It is above its most critical first & second make or break bottom of 24753.15 & 23893.70 sustained close above it will keep the hope alive of resuming the up-move again.
4. It is above its major long-term
rising trend drawn from the bottom of 7511
made on 24.3.2020, which is placed
at 25299(figure will change
and inch up every day) for the day.
5. It is above only two of its short-term moving averages now on the daily
chart and the important average range for day is between 26073---26041----26030--25961—25908--25869
(figure will change every
day), sustained
close above this range can help it to extend the up-move further, else it may
drift down.
6. It is above all its correction
threshold point of 26200.12---26176.01----26104.20----26076.34---26003.19---25903.88----25844.83 (figure may change), sustained close above these
points can help it to extend the up-move.
7. It is above its most critical point of 25371 and if it sustains above, it on the closing basis
then it may retest its all-time high of 26277.35 or may go beyond it also.
8. It is above its major long term downtrend
line which is placed at 25322(figure will
change daily)
for the day, sustained close above it may extend the up-move.
9. Its short term rising trend
line is placed at 25746(figure will change daily) for the day, break below it on
the closing basis may accelerate the fall.
10. It is above the other downtrend line also, which is placed at 26087(figure will change daily), is a good sign.
11. It is above inverse head & shoulder neckline of 26104.20 and if it sustains above it then it can accelerate the up-move.
12. It has made higher top on the
line & bar chart.
13. The price
action was positive today.
WEAKNESS: -.
1. Volatility and wild swing can
be seen in the market quite often, which is not a good sign for a steady market
condition and it can eventually drag it down may be drastically in the coming
days/weeks and months. So be watchful.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 26150----26130 if it
holds this range for some time then with a stop loss of 26060 for a possible intraday gain,
else avoid.
2. Short trade can be tried on the rise near or within the range of 26340---26385
with a stop loss of 26460 or can sell if it moves below 26104
and maintain for some time with a stop loss of 26175. It could be
a risky trade but can be tried for intraday corrective gains.
NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.
Disclaimer:-The view expressed here are solely of the author and he is not at
all responsible in any way for the outcome of the trade you enter based on the
above view.
Kindly note that make your cost your
stop loss in favorable trade
and then trail it as the price move up/down to gain maximum profit and avoid
losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot
market.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
